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Crypto Asia News Week: Taiwan Eyes BTC Reserves, Japan Mulls Exchange Rules, Tether Joins Crackdown

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Another week, another crypto Asia news update. Let’s be real, this one’s more maintenance than the headline-grabbing structural reforms that we have come to expect of the Asian crypto landscape.

This is bound to happen as countries build on the structural changes regarding crypto that they have recently implemented, fine-tuning what’s already in place. It’s less about re-inventing the wheel now and more about tightening the bolts on the framework that is already in place.

Nonetheless, here are some of the bigger headlines from this week.

Japan Stock Exchange Considers Limiting Crypto Holdings By Companies

The Japanese stock exchange, JPX, is considering new rules to somewhat temper the rise of crypto-heavy companies. These companies, known as Digital Asset Treasury (DAT) companies, have been purchasing large amounts of BTC and a variety of other cryptocurrencies.

But the recent market downturn has led to major losses for everyday investors, prompting this new development.

JPX hasn’t decided on this matter yet. However, it is considering tougher rules, such as requiring companies to undergo new audits or imposing stricter restrictions on backdoor listings. 

A backdoor listing is basically when a company becomes publicly traded by merging with an existing listed firm, skipping the usual IPO process. JPX already bans this practice and is now thinking about extending that ban to companies that suddenly shift their business focus to crypto.

 

Since September this year, JPX has warned companies about fundraising risks, prompting three to halt crypto purchases.

One standout case is Metaplanet Inc. It switched from running hotels to buying BTC earlier this year and now holds over 30,000 BTC.  Its price soared by over 420% before crashing by 75% from its peak.

These steep declines have triggered concerns that retail traders are getting burned.

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Tether Assists In The Arrest Of 73 Crypto Criminals In Asia

Tether announced in its blog post that it has helped authorities in Thailand recover $12M worth of stablecoins as part of a major crackdown on a Southeast Asia-based crypto scam group.

According to the announcement, the operation was a joint effort between the Royal Thai Police and the US Secret Service, with Thailand’s Technology Crime Suppression Division leading the initiative.

The investigations revealed a large-scale fraud network. The authorities arrested 73 people in connection, including 22 foreigners and 51 Thai nationals.

So far, the company has blocked more than 3,660 crypto wallets in collaboration with law enforcement, with over 2,100 of those cases involving US agencies.

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Taiwan Is Considering A BTC Reserve

Taiwan’s central bank is considering using BTC as a part of its national reserves. Meaning, the central bank wants to diversify into digital assets and wants to try out a BTC reserve in conjunction with the traditional assets that it already holds.

The move was announced by legislator Dr. Ko Ju-chun, who said the Executive Yuan and the central bank have agreed to explore the possibility. If it goes ahead, Taiwan could become one of the first countries in Southeast Asia to hold BTC as a part of its reserve.

Ko is pushing for this idea and has enlisted JAN3, a crypto infra company, to aid in his endeavors. Giving props to JAN3 CEO, Samson Mow, and Ko urged the crypto community to rally behind Taiwan’s efforts.

“Calling on the Bitcoin community to show support and help Taiwan become Asia’s BTC hub,” wrote Ko in a translated post on X.

In the meantime, Ko said that the government wants to draft BTC-friendly rules within the next six months to launch a pilot program for holding BTC in its treasury.

In 2024, Taiwanese persecutors seized about $146 M worth of BTC. With the price surge since then, that stash is now estimated to be worth nearly $300 M. These seized BTCs will form the first trench of the reserve.

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Key Takeaways

  • Taiwan may add Bitcoin to national reserves and draft BTC-friendly regulations
  • Tether helped arrest 73 suspects and recover $12M in crypto tied to fraud
  • Japan’s stock exchange considers limiting corporate crypto holdings to protect investors

The post Crypto Asia News Week: Taiwan Eyes BTC Reserves, Japan Mulls Exchange Rules, Tether Joins Crackdown appeared first on 99Bitcoins.





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